Aston Martin Lagonda the luxury car brand are set to raise around £260m through new shares to bolster finances after falling sales during the crisis.
The company said they will issue an equity fundraiser valued at 20% of the existing share capital to raise £190m with £70m from high interest debt.
Aston Martin’s new billionaire backer Lawrence Stroll said, “We have taken decisive action to improve the cost efficiency of the company, in alignment with reduced sports car production levels, and are focused on cost and investment control consistent with restoring profitability.
“Today we announce further steps to improve financial flexibility in a period of ongoing uncertainty with this additional funding to execute the business plan.
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